Moscow — The Russian fuel market is balanced, while stockpiles of gasoline and diesel have increased from the start of the year, an energy ministry official said on Tuesday, amid worries of possible fuel shortages.
Russia, the world’s biggest seaborne exporter of diesel, last week extended a gasoline export ban, with exemptions for producers, for six months.
The official, Roman Kabakov, of the ministry’s oil and gas department, said gasoline inventories have increased by 3% year-to-date to 2 million metric tons, while diesel stockpiles rose by 2% to 3.3 million tons.
He added that there are currently no fuel shortages on the domestic market.
Currently, major oil companies are allowed to export gasoline but traders and resellers are banned from doing so, under a measure originally implemented almost a year ago.
The initial ban sought to address a sharp rise in wholesale fuel prices and the risk of a shortage on the domestic market.
Reporting by Olesya Asyakhova; writing by Vladimir Soldatkin; Editing by Kirsten Donovan – Reuters
